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Andhra Pradesh IT industry turnover touches the magic mark of Rs 50,000 cr

Posted on Dec 27, 09:58AM | UNI

Though it has global slowdown across the world, the IT industry in Andhra Pradesh has seen a significant milestone by achieveing a turnover of Rs 53,246 crore, crossing the magic mark of Rs 50,000 crore for the very first time in the year 2012.

The turnover comprises 76 per cent from exports (RS 40,646 crore) and 24 per cent (Rs 12,600 crore) from the domestic market.

The growth rate of the industry is 16 per cent on par with the national average, the ITsAP leadership team said in its 10-point strategic formula for the state to be the leader in Information Technolog which was formally handed over to the IT and Communications Minister Ponnala lakshmaiah here today.

However, in the employment sector also created a milestone for the IT industry in the year 2012 as in direct employment crossed 3 lakh for the first time and the industry today provides today provides employment to 13.3 lakh people, of which direct and indirect employment is 3,18,624 and 10,12,769 respectively.

IT exports in AP also contribute to approximately 38 per cent of the state's total exports as the industry has become one of the primary contributors to the state's economic development, the ITs AP team said.